VET, Patience and the Wealth of Nations
Article Sidebar
Main Article Content
Abstract
Behavioral economics describe how preferences, experience, and individual characteristics relate to learning and choices, and therefore determine economic behavior. According to (economic) choice theories, patience is a key driving factor behind economic development as it affects economic behavior, as visible in health, crime, etc. Recent research sets up the relationship between patience and economic developments. It becomes clear that patience is strongly correlated to parameters like years of schooling, innovation, risk preferences and GDP per capita. We are interested in the connection between patience and the investment in initial and continuing vocational education and training (VET) in different European countries. This article examines whether there is a correlation between patience and the investments of the state and companies in vocational education and training (VET) in different European countries. We used a sample of European countries and correlated their values of patience (from the Global Preference Survey) with public investment in vocational training, with firm participation in vocational education and training and with enterprise expenditures on CVET. Our results indicate that there is a relationship between patience and the companies’ participation in training.
Article Details
Section
References
Bandura, A. (1977). Social learning theory. Prentice Hall.
Beck, H. (2014). Behavioral Economics. Springer Gabler.
Briq Institute (2018). Global preference survey. Downloads. https://www.briq-institute.org/global-preferences/downloads
Busemeyer, M. R., & Iversen, T. (2012). Collective Skill Systems, Wage Bargaining, and Labor Market Stratification. In M. R. Busemeyer & C. Trampusch (Eds.). The Politi-cal Economy of Collective Skill Formation (pp. 205–233). https://doi.org/10.1093/acprof:oso/9780199599431.003.0008
Chabris, C. F., Laibson, D., Morris, C. L., Schuldt, J. P., & Taubinsky, D. (2008). Indi-vidual laboratory-measured discount rates predict field behaviour. NBER Working Pa-per Series. http://www.nber.org/papers/w14270
Courtemanche, C., Heutel, G., & McAlvanah, P. (2014). Impatience, Incentives and Obe-sity. The Economic Journal 125(582), 1–31. https://doi.org/10.1111/ecoj.12124
Destatis (Statistisches Bundesamt) (2022). Berufliche Weiterbildung in Unternehmen [CVET in companies]. https://www.destatis.de/DE/Themen/Gesellschaft-Umwelt/Bildung-Forschung-Kultur/Weiterbildung/Publikationen/Downloads-Weiterbildung/weiterbildung-unternehmen-5215201209004.pdf?__blob=publicationFile
Dohmen, D., & Cordes, M. (2019). Kosten der Weiterbildung in Deutschland - Verteilung der Finanzlasten auf Unternehmen, Privatpersonen, öffentliche Hand [Costs of continu-ing education in Germany - Distribution of financial burdens among enterprises, pri-vate individuals and the public sector], FiBS-Forum, No. 61. https://www.econstor.eu/handle/10419/196922
Dohmen, T. (2019). Patience and Skill Accumulation. Presentation: BIBB Conference on the Economics of VET. Siegburg, Germany: 2019-11-07.
Dohmen, T.; Enke, B., Falk, A., Huffman, D., & Sunde, U. (2016). Patience and the Wealth of Nations. Working Paper Series: Economics Research Center, Chicago.
European Commisson (2020). Achieving a European Education Area by 2025 and reset-ting education and training for the digital age. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1743
Eurostat (2022a). Public expenditure on education by education level and programme ori-entation. https://ec.europa.eu/eurostat/databrowser/view/EDUC_UOE_FINE08/default/table?lang=en&category=educ.educ_uoe_fin.educ_uoe_fine
Eurostat (2022b). Enterprises employing IVT participants – % of all enterprises. https://ec.europa.eu/eurostat/databrowser/view/trng_cvt_34s/default/table?lang=en
Eurostat (2022c). Cost of CVT courses - % of total labour cost. https://ec.europa.eu/eurostat/databrowser/explore/all/popul?lang=en&subtheme=educ.educ_part.trng_cvt&display=list&sort=category&extractionId=TRNG_CVT_34S
Eurostat (2024a). Statistical presentation of the annual UOE data collection. https://ec.europa.eu/eurostat/cache/metadata/en/educ_uoe_enr_esms.htm
Eurostat (2024b). Statistical presentation of the Continuing Vocational Training Survey (CVTS). https://ec.europa.eu/eurostat/cache/metadata/en/trng_cvt_esms.htm
Falk, A., Becker, A., Dohmen, T., Enke, B., Huffmann, D., & Sunde, U. (2018). Global evidence on economic preferences. The Quarterly Journal of Economics, 133(4), 1645–1692. https://doi.org/10.1093/qje/qjy013
Falk, A., Becker, A., Dohmen, T., Enke, B., Sunde, U., & Huffman, D. (2015). The Na-ture of Human Preferences: Global Evidence. Working Paper.
Neubert, S., Reich, K., & Voß, R. (2001). Lernen als konstruktiver Prozess [Learning as a constructive process]. In: Hug, T. (Hg.): Die Wissenschaft und ihr Wissen. Baltmanns-weiler.
Organisation for Economic Cooperation and Development (OECD) (2022). Education at a Glance. https://www.oecd.org/education/education-at-a-glance/
Smith, A. (2008). An inquiry into the nature and causes of the wealth of nations. Oxford University Press.
Sunde, U., Dohmen, T., Enke, B., Falk, A., Huffman, D., & Meyerheim, G. (2021). Pa-tience and Comparative Development. Review of Economic Studies 0, 1–38. https://doi.org/10.1093/restud/rdab084
Sutter, M., Kocher, M.G., Rützler, D., & Trautmann, S.T. (2010). Impatience and Uncer-tainty: Experimental Decisions Predict Adolescents’ Field Behavior. IZA Discussion Paper No. 5404.